Following this Blog

Readers around the world

.

Tuesday, September 30, 2014

By LARRY NEUMEISTER - Yesterday NEW YORK (AP) - A judge, calling civil contempt a rarity, ruled that Argentina was in contempt of court on Monday for its open defiance of his orders requiring that U.S. hedge funds holding Argentine bonds be paid the roughly $1.5 billion they are owed if the majority of the South American nation's bondholders are paid interest on their bonds. U.S. District Judge Thomas P. Griesa made the announcement after a lawyer for U.S. hedge funds led by billionaire hedge fund investor Paul Singer's NML Capital Ltd. argued that Argentina has openly defied Griesa's court orders for more than a year. The judge reserved decision on sanctions pending further proceedings.

"What we are talking about is proposals and changes and actions that come from the executive branch of the Republic of Argentina," the judge said.

He said repeated efforts to avoid paying U.S. bondholders after their bonds - unlike more than 90 percent of outstanding Argentina bonds - were not traded for lesser-valued bonds in 2005 and 2010 was illegal conduct that could no longer be ignored.

"The republic in various ways has sought to avoid, to not attend to, almost to ignore this basic part of its financial obligations," the judge said.

He said Argentina had recently taken steps to attempt to remove a New York bank as the custodian for bonds held by many of its bondholders and transfer the financial obligations to a new trustee based in Argentina.

New York-based lawyer Carmine Boccuzzi, representing Argentina, had argued that a contempt finding was premature, saying Argentina bondholders who accepted swaps for lesser-valued bonds after the country defaulted on $100 billion of debt in 2001 had not been paid interest, just as the judge intended.

Boccuzzi said the U.S. bondholders "want to punish Argentina. But that's not appropriate."

"The republic did act responsibly," he said.

But he said paying the U.S. bondholders would require Argentina to pay about $20 billion to other bondholders who were not part of the litigation.

"We're hamstrung," he said.

As he left the courtroom, he declined to comment.

A lawyer for the U.S. bondholders, Robert Cohen, urged the judge to make the contempt finding and impose a $50,000 daily penalty on Argentina. He said penalties should be stiff enough that Argentina realizes it needs to change its behavior.

"It's hard to imagine how it could get worse," he said.

Before the hearing, lawyers for Argentina forwarded to the judge a letter sent to U.S. Secretary of State John Kerry saying the request for a contempt-of-court finding was "completely absurd." Argentina said such an order would be unlawful by international standards.

The Argentine Foreign Ministry said the judge's decision has no practical effect "besides providing new elements to the defamatory political and media campaign being carried out against Argentina by the vulture funds." Argentine officials regularly refer to the U.S. hedge funds that didn't swap their Argentine bonds at a discount as vultures.

1 comment:

I wouldn't refer to the funds which refused to take a haircut vulture funds, but double sucker funds. Firstly, for lending to Argentina and secondly, for choosing to receive nothing instead of something from Argentina.

About Me

Camping Survival

Fish Antibiotics

Subscribe To

My email:

ferfal308@hot (remove) mail.com

Guys, unless specifically told not to, I'll post the reply here in the blog so everyone can read it.I'll just leave the first name, and remove the last name, email or any other specific information for privacy reasons.Thanks

Leatherman Charge Ti

Fenix Lights

I love this light. Runs on a single AAA and is capable of big boy lumen output (80 lumens) in a keychain package. Also has low and mid mode for longer runtime.
Fenix PD20
Single CR123 cell. 6 modes including 180 lumen turbo mode.
General Mode: 9 lumens (35hrs) -> 47 lumens (6.5hrs) -> 94 lumens (2.6hrs) -> SOS
Turbo Mode: 180 lumens (1hrs) -> Strobe
15 days of survival use (2 continuous hours per day on the lowest setting)

Thanks for the Positive Reviews!

Energency gadget... on steroids.

Asus Eee 1005HA

Basic Door/Window Alarm

Emergency gadget

Both tool and weapon, just the right size

Straight edge makes it easier to sharpen, + tougher tip

Gorilla Tape

By all accounts and reviews I’ve read so far, it truly is “The toughest Tape on the Planet”

Transportation

I talked about these some time ago in an article, remember someone asked where to get one.
"Alternative Transportation"
Just found one reasonably priced and with excellent reviews in Amazon.

Best Folder

Emergency blankets. I Have several of these around.

Katadyn water filter

for the kits

and food ...

Got to have water: Klean Kanteen Stainless Steel

Moleskine, the ultimate little black cover notebook :)

Fenix L0D-CE. Perfect keychain light. 80 Lumens in a single AAA

Nice combo. The Soldier is an excellent product.

Sabre Red OC spray

Made in USA
This is the brand I use and always have one in my bag and car. ( same brand used by NYPD)
My wife keeps one in her purse too.
Sabre Red Tear Gas
Sabre Red for ladies
You guys have the coolest stuff up there.:)

Jack Bauer’s bag.:) I’d like to get one of these and try it out.

Fox OC Spray

Don’t have this one but it’s the hottest OC spray out there.
Someone once called it “bottled lava”
Pick your poison people, but do carry OC
1) Even if you carry a gun
2) SPECIALLY if you don’t carry a gun

Firesteel

Classic, and one of the few things I’d call a “must have” I own two of these.